HF Foods Q4 revenue down 3.8% to $280.9M; adjusted EBITDA up 372.6% to $20.4M

HF Foods Group Inc.

Q4 net revenue $280.9M (down 3.8% YoY); gross margin expanded to 18.6% from 17.4%.
Q4 net income of $2.7M vs. net loss of $3.5M in prior year; adjusted EBITDA $20.4M, boosted by $10.0M legal settlement.
Full year 2023 net loss of $2.7M vs. net income $0.2M in 2022; revenue $1,148.5M (down 1.9% YoY).
Company exited low-margin chicken processing, implemented seafood centralized purchasing, and partnered with a national transportation provider.
Cash and equivalents $15.2M at Dec 31, 2023; $37.6M available under $100M credit line.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HF Foods Group Inc. reported fourth quarter and fiscal year ended December 31, 2023 results: revenue $280.9 million, net income $2.7 million.

Period: fourth quarter and fiscal year ended December 31, 2023
Revenue: $280.9 million
Net income: $2.7 million
Result: reported results

Exact text from the filing

States, reported unaudited financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Financial Results • Net revenue decreased 3.8% to $280.9 million compared to $291.9 million in the prior year. • Gross profit increased 3.0% to $52.3 million compared to $50.7 million in the prior year. Gross profit margin increased to 18.6%

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Source: SEC EDGAR

accession 0001680873-24-000008

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